Besen Special Assets; Utilizing a broad range of business lines

Consider the circumstances: national banks are bearish in lending, community and regional banks are highly illiquid, private equity and hedge funds are currently carrying a tremendous amount of debt, and Europe is struggling to recover from the disastrous debt crisis. All these elements have had a compounding effect resulting in the simple fact that domestic and foreign borrowers are unable to refinance. This perfect storm within the debt market has placed firms like Besen Special Assets in the ideal position to utilize their broad range of business lines that seem almost specifically tailored to current market conditions. Taking a closer look, leading the charge at Besen Special Assetsare Jonathan Horn and Samuel Boyd, managing partner and managing director respectively. They took the reins in their Red Bank, NJ office as a division of The Besen Group to fulfill an overwhelming need in the New York metropolitan market. According to the National Foreclosure Review, New Jersey possesses a residential foreclosure rate of 6%, ranking second behind only Florida—the state where Besen Special Assets has recently opened another office. For comparison, the national foreclosure rate is a meager 2.5%. The real need in markets with exceedingly high foreclosure rates lies in the disposition of underwater commercial and residential loans. Local firms of such markets should follow the lead of Besen Special Assets, which has found success in this space due to its "boots on the ground" approach. It is this unique approach that provides for a complete knowledge of local markets, in turn leading to quick dispositions of loans and efficient placements of debt and preferred equity. Besen Special Assets has excelled in exclusively representing note holders of all kinds in the disposition of mortgage loans in the secondary market to private, corporate and institutional investors. Having recently opened a similar platform in Athens, Greece, Besen Special Assets is prepared to service yet another regional hotbed for debt and distressed assets. The Royal Bank of Scotland recently announced its plans to open a capital resolution division to free up $61 billion of capital. The future is bright for firms that can capitalize on this unique debt environment. Besen Special Assets is one such firm that is poised to do just that. Jonathan Horn is managing partner at The Besen Group, New York, NY